Europen Union and United States of America, both have been front runners in enhancing and enforcing privacy regulations across different industries. The focus has been to ensure that firstly there is sufficient notice to and adequate consent from customers before personal data is processed. Secondly, personal data is processed with adequate security measures, and finally that personal data is disposed off securely once the purpose for which the personal data was acquired, has been fulfilled.
The incentives for regulation compliance has been increasing gradually across globe. With GDPR put forth formally, any organization with EU interest has a regulatory risk of higher of 4% of global revenue and 20 million euros. This takes data regulatory risk straight in to the board room.
Conflict between Business and Regulations